Hi long time lurker on here over the last few weeks devouring as much as I can on IVA's and people's experiences of them. It's been a great help and a source of comfort to know I'm not the only one with money issues and makes me feel less like I'm doing something shameful and more that I'm doing something positive.
I have never missed a payment on any debt to any creditors over the last 22 years of having credit but have now reached a point where this is no longer sustainable and without the help of my wife (who has basically been paying my debt over the last 2 years) I would have gone under. Having my wife use all her disposable income to finance my debt (mostly from a previous marriage) is obviously not a recipe for long term happiness so I have decided to act now.
I have my interview phone call today with Stepchange which I have been told could take 90minutes and I have to say I'm nervous about telling someone I don't know the in's and out's of my life. My main worry at the start was the potential effects on my wife and our home but as the debt is all in my name I'm hoping I can keep her out of it other than telling them how much she earns. I have only had my house just over a year bought jointly on a 85% mortgage so I guess this will be safe other than a potential remortgage in year 5 which I very much doubt Lloyds would ever give me.
Sorry to run on! Anyway is there any pertinent/important questions that I may have missed that I should be asking my potential IP today? Appointment is at 1pm...
The most difficult part of the process is admitting to yourself you have a problem and then seeking the advice - so it may not feel like it but you have come a long way.
You are doing absolutely the right thing by doing as much research that you can and reading the reviews on websites to read other peoples experiences.
I would suggest that you seek advice from a few companies before you decide who to proceed with, once you have done your research and sought advice you will be in the best position to who you want to propose your IVA.
It is also advisable to make sure you speak to the IP who will be acting for you
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
Hi Neil. Do make sure you ask what they propose regarding the equity on the house in due course --- some firms are now putting fairly onerous clauses in.
I would also suggest that you don't agree to anything today, but also speak to a few other firms -- how they operate does differ, withing the IVA framework.
Best of luck .. it does get easier
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I am concerned about such clauses Foggy and would in no way agree to any secured loans etc being asked for, it does worry me. I have been impressed with the reviews that Melanie gets on here I'll see what they say today and then go from there...
You should also make sure that Stepchange do not try and include your wife's surplus income when calculating the IVA payment. It should only be your surplus that is offered to creditors so after your interview you should certainly get a second opinion from a firm in the independent sector.
One thing you will have to take into consideration Neil, is that if you are a property owner, a standard protocol complaint proposal will contain a clause that states you must look to remortgage the property, or obtain a secured loan, in the final year of the Arrangement.
This isn't just something that Step Change put into their proposals.
Well done for asking for help, I know how hard it is to do. I was very nervous on my phone call also. The biggest bit of advice I can give is be 100% honest with everything. All your debts, all your payments, the reasons why etc. It is daunting, but worth it. The IP can only do their job properly for you if you give them the full picture
I can only echo the other advice given, do not agree to anything today and ring a few firms. There are a lot of good ones out there, but like anything, you have to find one that you feel comfortable with. After all you could be potentially dealing with them for the next six years
I can only comment on Melanie and her team as they are the only ones I have had dealings with. But I will say I could not have asked for better
Good luck
There are 10 kinds of people that understand binary, those that do and those that don't
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MJS
One thing you will have to take into consideration Neil, is that if you are a property owner, a standard protocol complaint proposal will contain a clause that states you must look to remortgage the property, or obtain a secured loan, in the final year of the Arrangement.
This isn't just something that Step Change put into their proposals.
True, but not all IP's have adopted the 2014 Protocol, so some don't use this clause.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would expect that major voting houses, such as the Insolvency Exchange, would put this clause forward as a modification if that was the case, if a proposal is drafted as non protocol, unless there were mitigating circumstances of course.
Thanks again.
You were right Michael they did include and want to know my wife's surplus income which I felt I couldn't really answer with any degree of certainty.
My situation is a mess frankly and all my fault which sadly now has implications on my family and I'm at my wits end with it.
The problem being is *sigh* I got divorced and had to sell the old family home in Dec 2012. My old lifestyle with ex wife was one of high debts (she earned twice my wage) we spent pretty extravagantly but could afford the payments. When we got divorced she got a lawyer and I couldn't afford one. We both got similar amounts from the house sale but I was left with the vast majority of the debts and had to set up home again pretty much from scratch (I did get some furniture etc). I received about £59k and from that paid off some debts totalling about £35k ish and then spent the remaining money I had (foolishly I guess now) on a deposit for a house (about 24k) and the house is in joint names now with my wife. If I hadn't of bought the house I could have paid off my remaining debts, there lies my problem. Since April last year (when my new house purchase came through) my debts have now increased to £32k, due to spending on the house mainly but other stuff as well (i'm terrible with money). The guy I was speaking to today says that he needs to refer this to the IP as he thinks it could make getting an IVA difficult.
So if I'm turned down what are my options? DMP/Bankruptcy? Any creditor that finds out I could of paid my debts off such a short time ago are surely going to take a pretty dim view aren't they and want to throw the book at me as it were. I just wanted a stable environment for my two kids to come and stay with me and visit and wanted to buy when house prices were still affordable. Myself and my wife are both being made to change shift patterns from the end of the month resulting in less money coming in hence forcing me to act.
I feel that I'm in big trouble here and am running out of options? So stressed.
He is ringing me back tomorrow to tell me what the IP thinks. Feel like such an idiot, the thought of selling the house after going through two house moves and a divorce in the last couple of years fills me with dread.
We as a firm believe that the secured loan provisions of the 2014 IVA protocol are unfair and have proposed IVA without these provisions but ultimately it is a decision for the creditors whether they accept the proposal or not.
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
Kelly when filling in the monthly expenditure on your website do I divide things like mortgage/council tax by two or put down the whole monthly amount?
